Private-Equity Firm Abraaj Is Fined a Record $315 Million in Dubai

Dubai’s financial regulator fined collapsed private-equity firm Abraaj Group $314.6 million for deceiving investors and carrying out unauthorized activities, a record penalty in the Persian Gulf emirate.

The Dubai Financial Services Authority’s fine marked another blow for Abraaj, the largest private-equity firm in the Middle East with almost $14 billion in stated assets until its meltdown last year. The Bill and Melinda Gates Foundation, Bank of America Corp. and the U.S. government’s Overseas Private Investment Corp. were…

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